Thanks to @indayclara for taking this photo of me.
HIVE just recently reached an All-Time High (ATH) price of $1.5743 (as of writing) and my local Hive community was abuzz. We were thrilled and joyous and loud in our group chat. I was very pleased because I have some liquid HIVE sitting in my Binance. I sold a bit of it because I just couldn't resist. Some people were sad because they said they sold their HIVE the day before. A newbie sent me a message asking what the fuss was about and whether he should withdraw. Of course, I told him no. Absolutely not. Not yet anyway. In this post, that newbie and all the other Hive newbies out there will hopefully understand why.
My local Hive community is quite active. We take turns sharing our posts in our group chat, we talk about interesting and funny topics, and lastly, we work together to grow our community by organizing meet-ups and inviting new members. Here are some of our photos during our meet-ups:
All photos taken from @indayclara's blog.
One of the things we discuss is how Hive works. We focus on the basics, the kind of content you can post, the reward system, and how to get started. We touch a bit on how a user can withdraw their earnings but we don't go into the very details because (1) it would take a lot of time to explain the whole process, (2) it can become a bit too complicated, and (3) we don't want new users to think so much about the earnings when they start.
Of course, as newbies make their way into Hive and start to receive rewards from their posts, they can't help but wonder, "How can I withdraw my earnings?" The diagram below shows the general process that I recommend on how you can withdraw your Hive earnings. The next parts of this post will tackle the process in detail. Note that although the process is optimized for Filipino authors, others can still refer to this guide.
For the purpose of this guide, Hive (capital H) will refer to the platform, and HIVE (all caps) is the token or cryptocurrency.
Before we go into how you can withdraw your earnings and since this post is intended for newbies, we should first review quickly how an author receives rewards for his posts.
After publishing a post, other users in Hive can upvote your post for 7 days. Your post will earn rewards depending on the vote value of the 'upvoters' and the percentage of their votes they give. The first 24 hours are critical since most of the users will vote within this window to avoid a reduction in their voting rewards. This means that most of the rewards that your post will get will be during this time frame. You will still get upvotes on your post (expect only a few) until it reaches 7 days for the payout.
During payout, the rewards that you will receive from your post will be 50% of the total post rewards. The other 50% goes to the 'upvoters' or 'curators' as voting rewards. Your share of the post rewards will be further divided into HBD and HP. Another 50/50 split will happen with one half being HBD and the other half in HP. The amount of HP that will be received will depend on the current prices of HBD and HIVE.
Suppose my post rewards reached 50.00 during payout, 50% of 50.00 or 25.00 will go to the 'upvoters' as their voting rewards and the other 25.00 will be my share of the rewards.
The 25.00 will be divided in half again giving me 12.50 HBD and HP that is worth 12.50 HBD. Assuming HBD is $1.00 and HIVE is $1.50, I will get 12.50 HBD x $1.00 (HBD price) ÷ $1.50 (HIVE price) = 8.333 HIVE. Since HP is just (staked) HIVE, I will receive 8.333 HP.
Please take a look at the example represented by the illustration below:
BUYING HIVE AT THE INTERNAL MARKET
Now that you have some HBD in your wallet, the next step is to convert that to HIVE by selling your HBD at the internal market. This is the quickest option for a newbie. You need to convert your HBD to HIVE since most cryptocurrency exchanges only accept HIVE.
You can access the internal market through the following steps:
(A) THROUGH PEAKD
If you're using https://peakd.com/, go to your wallet, click the drop-down arrow under your HBD, and click market.
(B) THROUGH HIVE
Similarly, if you are using https://hive.blog/, you can go to your wallet, click the dropdown arrow under your HIVE DOLLARS, and select Market.
(C) THROUGH DIRECT LINK
Or you can just go directly to https://wallet.hive.blog/market. You will be brought to the internal market shown below. Make sure you are logged in.
Next, here are the steps to convert all your HBD to HIVE:
- In the BUY HIVE portion, click on the text "Available" and all your HBD will be shown in the TOTAL HBD field.
- Next, click on the text "Lowest ask" and the lowest buying price will be shown in the PRICE HBD/HIVE field. This will be used to calculate how much HIVE you're going to get.
- Click on the BUY HIVE button and a confirmation window will appear. Click OK.
- Wait for a couple of minutes for the Buy Order to be executed. You can go back and refresh your wallet to check if you already received the HIVE.
TRANSFERRING TO AN EXCHANGE (BINANCE)
Once you have available or liquid HIVE, the next step is to transfer it to an Exchange Platform. There are several platforms out there that you can use depending on your preference or location. For the purpose of this guide, I recommend using Binance because it's what I'm using and familiar with. If you don't have an account yet, you can download the App or go to their website or use my referral link and register for a Binance Account through here. After registering an account, you need to complete the verification process. I won't go into the very details of setting up your Binance. Just follow the instructions or go here to learn how to complete the verification. After verification, make sure to change your account type to Binance Pro from Binance Lite. You can do that on your Account Page.
Here are the detailed steps on how to send or deposit all your available HIVE to your Binance Spot Wallet:
- In Binance, go to your Spot wallet (or Fiat and Spot Wallet) and search for HIVE.
- Click on Deposit. If you're on mobile, select HIVE network.
- Copy the address shown in Binance (it will be deepcrypto8).
- Open another window or tab and go to your Wallet in Peakd or Hive.
- Under your available HIVE, click Send.
- Paste the (deepcrypto8) address in the field intended for "To."
- Click on the numbers showing all your available HIVE. It will be copied below.
- Go back to the "Deposit HIVE" page in Binance and copy the MEMO.
- Return to the "Transfer HIVE" page in your Peakd or Hive Wallet.
- Paste the MEMO in the intended field.
- Click on CONTINUE and you will be asked to put in your Active Key. After putting in your Active Key, click CONFIRM.
- Wait for a few minutes for your HIVE to be deposited in your Binance.
IMPORTANT: Make sure to always copy and paste the Address and MEMO from Binance to Hive. Never type them manually to prevent losing your HIVE during deposits. Also, check if there is no added space in the Address, MEMO, or Active Key. Lastly, always double-check everything before continuing and confirming the transfer.
Depositing HIVE to your Binance Wallet
Confirming the Transfer using your Active Key
SELLING HIVE FOR MAJOR COINS (USDT)
The major (and only other) cryptocurrencies that you can trade HIVE within Binance are USDT, BTC, and, recently, BUSD. You can choose any of those but for the purpose of this guide, I recommend choosing USDT. USDT is a Stable Coin similar to HBD. It's designed to have a value very close to $1 which means that the HIVE you convert to USDT will not be affected by the price changes of HIVE in the future after you perform the trade.
Once your (Fiat and) Spot Wallet in Binance already shows that your deposited HIVE has arrived, you can then trade it. These are the steps I recommend to sell all your HIVE to USDT using the Market Price in Spot Trading.
These are all in Binance.
- Go to Markets and make sure you're in Spot (Trading).
- Search for HIVE/USDT pairing. If you're on the web version, select FIAT.
- Click HIVE/USDT. If you're on web, you can select Classic Trading if it asks.
- Take note that you will be selling. On mobile, select Sell.
- The default order will be Limit. Change it to Market. Changing it to Market will make your Sell Order be executed immediately without having to wait for prices to match.
- Type in all your available HIVE or simply set the slider to 100%.
- Click Sell HIVE.
- The Sell Order will be executed immediately and you can check your Spot Wallet that all your HIVE has been converted to USDT using the average Market Price/s at the time of your order.
HIVE/USDT Spot Trading in Web View (Full Screen)
HIVE/USDT Spot Trading (SELL HIVE) Mobile View
SELLING USDT FOR YOUR COUNTRY'S CURRENCY
USDT can be sold for all major world currencies. That is why you convert your HIVE to USDT. The next and last step would be to sell your USDT via Peer-to-Peer (P2P) Trading in Binance.
Before selling USDT through P2P trading, you need to transfer it first to your Funding (or previously P2P) Wallet. Here are the steps to transfer all your USDT from your Spot Wallet to your Funding (P2P) Wallet.
- Go to your Spot Wallet.
- Select Transfer.
- Make sure 'From' is Spot Wallet (or Fiat and Spot) and 'To' is Funding.
- Change the coin to USDT (in mobile, the default is BTC).
- Type in all your available USDT or just select Max.
- Click Confirm. The USDT in your Spot will be zero and all of it will be transferred to your Funding Wallet.
Transferring from Spot to Funding Wallet (Mobile)
Transferring from Fiat and Spot Wallet to Funding Wallet (Web)
Finally, you're in the last step. You'll be Selling your USDT for your local currency and receive the payment via the payment channels that you have set in Binance during account setup and verification. For the purpose of this guide, I recommend you sell via P2P Express. Here are the steps to sell all your USDT to PHP (or your local currency) via P2P Express.
- For Mobile: Go to your wallet. Select Funding. Select P2P.
- For Web: Click Buy Crypto (at the top) and click P2P Trading.
- Make sure you're in Express and that your window is set to Sell.
- Select USDT as the coin to Sell.
- Input all your available USDT (web) or click Max (mobile).
- Click Sell with 0 Fee.
- You'll be shown the Payment Options you have set in Binance. Select one or click "Add Another Payment Method" if you need to. The prices of USDT will also be shown for each Payment Option available.
- Click Confirm Sale.
- You will be directed to a page showing the details of the trade and the buyer information.
- Wait for the payment to be deposited to your selected payment option.
- Check the balance of your bank account/eWallet/GCash if the payment has been reflected already.
- Once the payment has been made, go back to Binance and click Confirm Release. Another window will appear asking you to confirm the payment. Click the check icon and click Confirm.
- A Code will be sent to your mobile number and Binance will ask for that code. Type it in and a confirmation window will appear that the trade has been completed.
Selling USDT for PHP through Express (Web)
Selling USDT for PHP through Express (Mobile)
WHEN TO WITHDRAW YOUR HIVE EARNINGS AND OTHER TIPS
There you have it! You now know the complete steps on how to withdraw your Hive earnings. The other logical question that could come from a newbie is, "When do I withdraw my Hive earnings?" To answer this question and to offer some helpful tips, here is a list of important things to remember and follow when it comes to managing or withdrawing your Hive earnings:
- Let your Hive earnings accumulate first. You don't want to withdraw a very small amount. I personally recommend withdrawing after several months. Take note that Spot Trading in Binance requires more than $10 for each trade. While you're accumulating your earnings, consider transferring your HBD or HIVE to Hive Savings to earn 10% APR. Withdrawing your Hive Savings is subject to 3 days waiting period.
- Don't convert your HBD to HIVE when the price of HIVE is very high. Hold on to your HBD and wait for the price of HIVE to go down or reach support levels (read up on crypto trading if you don't understand this).
- You should convert your HBD to HIVE when (1) HIVE price is low so that you can get a lot of HIVE and wait for its price to increase to maximize profit and (2) when HBD price is high but this seldom happens since HBD is designed to stabilize at $1.
For example, you have 100 HBD. Assuming HBD is stable at $1 and HIVE is currently at $0.5, converting all your HBD will give you 200 HIVE which will have a total current value of $100. If the price of HIVE increases to $1.5, the value of all your HIVE will then be $300.
- You can convert your HIVE back to HBD. You should do this when you have liquid HIVE and when the price of HIVE has increased from the time of your HBD-to-HIVE conversion. This will let you buy a lot of HBD (compared to your starting HBD). This will also allow you to keep all your HBD and HIVE assets in Hive and not in Binance. When the price of HIVE goes down again, convert your HBD to HIVE. Repeat this cycle to grow the amount of HIVE (or HBD) you have in your Hive Wallet.
- Power Up your HBD or HIVE. If you really want to delay withdrawing your Hive earnings and focus on growing your account, I strongly suggest you power up your earnings to increase your HP. You can set your post rewards to be automatically powered up or you can use your available HBD or HIVE. When powering up using HBD, it is recommended to do it when HIVE price is low to get more HP.
- When publishing a post (except for your Introduction Post), always make sure that you're publishing in a Community. And your post should, of course, be relevant to that Community. Not publishing your posts in Communities will not give it a lot of reach and audience. It will also have lower chances of being curated.
- Promote your posts. There are several 'post promoting' schemes in Hive but the easiest I can recommend is through POSH. You can learn more about it through this link. Make sure you promote your post within the first 24 hours after publishing.
- Reach out to people for help. I think most newbies in Hive have been invited by someone who's already on the platform. If you need help, reach out to the person who onboarded you and to those people in Hive who you think will be willing to assist you. You can even ask them to withdraw or manage your Hive earnings for you.
- Engage with other authors. Engagement is valuable in Hive because it shows your interest and respect for other people's content. Don't expect people to vote for your future posts when you don't reply to their comments in your old posts or when you don't even upvote other authors' posts.
And that is it! This guide has been created by following the same process that I personally use to guide those who've asked me how to withdraw their Hive earnings through Binance. As I've mentioned before, the process is quite long and a bit complicated. But following the steps in this guide will allow a Hive newbie to get their hands on their Hive earnings converted to their local currency. In our next Hive Meet-up, I will surely use this post to discuss the topics on Hive Earnings and Withdrawal.
If you think there are errors or there are things on this guide that need to be changed, kindly mention them in the comment so that I can make a more accurate guide for the newbies.
See you in the next post. Cheers!